UAE insurance market in the first quarter of 2024

The Central Bank of the United Arab Emirates (CBUAE) has published the preliminary figures for the local insurance market as at 31 March 2024. On this date, the turnover amounted to 21.1 billion AED (5.7 billion USD), up by 18.5% compared to the 17.8 billion AED (4.8 billion USD) recorded during the same period of 2023.

Claims paid by insurers climbed by 18.3% to 8.4 billion AED (2.3 billion USD), against 7.1 billion AED (1.9 billion USD) at the end of the first quarter last year.

Technical reserves reached 78.8 billion AED (21.5 billion USD), representing a 6.9% increase over one year.

At the end of March this year, assets and shareholders' equity of all insurers in UAE stood at 131.7 billion AED (35.9 billion USD) and 27.9 billion AED (7.6 billion USD) respectively.